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Grayscale's decision to prioritize spot ETFs over futures is sound. Futures should be approached cautiously, especially if you're still mastering the basics. Grayscale CEO Michael Sonnenshein emphasized the company's shift towards spot Ethereum products during an event in London. He mentioned withdrawing their Ethereum futures ETF application, citing the abundance of existing futures options. Sonnenshein highlighted that filing for a product doesn't guarantee its availability.

Grayscale's decision to prioritize spot ETFs over futures is sound. Futures should be approached cautiously, especially if you're still mastering the basics. Grayscale CEO Michael Sonnenshein emphasized the company's shift towards spot Ethereum products during an event in London. He mentioned withdrawing their Ethereum futures ETF application, citing the abundance of existing futures options. Sonnenshein highlighted that filing for a product doesn't guarantee its availability.

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📣 Ethereum ETFs Near Launch as BlackRock Updates Filing BlackRock made a significant move late Wednesday by amending its SEC filing for a proposed spot Ethereum exchange traded fund (ETF). This May 29 update for the iShares Ethereum Trust marks the first concrete step toward bringing an ETH-based ETF to market following the recent approval of a similar financial vehicle. “This is almost certainly the engagement we were looking for,” tweeted Bloomberg ETF analyst James Seyffart, indicating that issuers and the SEC are progressing toward spot Ethereum ETF launches. His colleague, Eric Balchunas, agreed, noting that other applicants are likely to follow BlackRock's lead. Balchunas added that with one more round of SEC comments, spot Ethereum ETFs could potentially launch as early as next month. "End of June launch a legit possibility, [although] keeping my over/under date as July 4," Balchunas tweeted. BlackRock initially filed an S-1 form with the SEC for its product in November, after similar filings by ARK Invest, Fidelity, and VanEck. Grayscale is also in the race, aiming to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF. The successful conversion of similar trusts paved the way for the approval of spot Bitcoin ETFs in January, which significantly boosted Bitcoin prices and overall market sentiment. With spot Bitcoin ETFs now holding over one million Bitcoin, there is optimism that funds based on Ethereum, the second-largest cryptocurrency by market cap, will have a similar positive impact on the market. After the approval of Bitcoin ETFs, attention quickly shifted to Ethereum, though the outlook for ETH-based ETFs seemed uncertain in the ensuing months. $ETH #ETH #ETF #BlackRock
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